New mixed-use destination Raleigh Iron Works has appointed Lavanda, a SaaS platform that allows residential property owners and operators to access short-term rental demand, to power its flexible living strategy at Forge, a 219-unit apartment complex within the district.
The partnership will leverage Lavanda’s state-of-the-art Short-Stay Property Management System to optimize occupancy, reduce vacancies, and boost rental income across the development, activating a portion of the units for flexible living accommodations.
Tapping into North Carolina’s strong short-term and flexible rental market, Lavanda’s Property Management System will allow guests to stay in high-quality, furnished studio, one- or two-bedroom apartments. Lavanda – which is expanding rapidly across the US – will also ensure high trust and safety standards, with all guests undergoing comprehensive vetting and referencing before check-in.
The Property Management System will enable business travelers, tourists, and other visitors to stay at the heart of Raleigh Iron Works district, which is being delivered by Jamestown and Grubb Ventures. The vibrant new mixed-use development is home to a diverse array of retail, dining, and entertainment options, as well as office space.
Amenities at Forge at Raleigh Iron Works include a clubroom with a Barcade and resident entertainment lounge, as well as a conference room that doubles as a podcast recording studio. Both residents and guests can enjoy co-working spaces, a fitness center, and a saltwater pool.
Designed with an emphasis on efficiently-sized apartments, 170 of the 219 total units at Forge at Raleigh Iron Works are micro, studio or one-bedroom floor plans, ranging in size from 430 to 865 square feet. Two-bedroom floor plans make up the remaining 49 units and range in size from 966 to 1,200 square feet.
Lavanda’s appointment comes amid strong demand for high-quality short-term and flexible rental accommodations, with cities like Raleigh, Charlotte and Durham leading the way.*
The platform also recently published its Global Flex Report 2024, which revealed an explosion in the number of multifamily operators planning to deploy ‘Flex’ rental strategies across their portfolios this year.
Gordon Grubb, President of Grubb Ventures, said: “Our focus has always been on creating developments that genuinely resonate with the evolving needs of people, both in their professional lives and at home. This is why choosing Lavanda was a clear and strategic decision. Whether it’s accommodating a business traveler or providing a welcoming home base for someone who just wants to explore the area, Lavanda’s technology ensures that Forge at Raleigh Iron Works remains a vibrant and adaptable community where anyone and everyone can thrive.”
Fred Lerche-Lerchenborg, CEO at Lavanda, said: “We are beyond thrilled that yet another best-in-class multifamily development is set to leverage Lavanda’s Short-Stay Property Management System. This partnership with Jamestown and Grubb Ventures at Forge at Raleigh Iron Works is a perfect example of how our technology can unlock significant value for property developers and investors. By enabling a flexible living strategy, we help properties like Forge at Raleigh Iron Works optimize their occupancy rates, reduce vacancies, and tap into the ever-growing demand for short-term and flexible accommodations in North Carolina.”
